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The dollar loses the key psychological resistance level and drops below the 100-point mark.
The US dollar lost its key psychological resistance level today and is now trading below the 100-point level against a basket of foreign currencies, with the US Dollar Index specifically registering at 99.96.
Traders are awaiting a speech by Federal Reserve Chair Jerome Powell later today before the release of the key employment report on Friday.
Dollar Looks to Employment Data
The US dollar declined last week after the Fed's preferred inflation data indicated that inflationary pressures continue to ease, following the Federal Reserve's recent interest rate-cutting cycle.
Federal Reserve Chair Jerome Powell is scheduled to speak today, Monday, at the National Association for Business Economics in Nashville, Tennessee, where he is expected to provide more details on the Fed's decision to cut its benchmark interest rate by half a percentage point earlier this month.
A survey of professional forecasters conducted by the group, released on Sunday, indicated a 'monetary policy mistake' as 'the biggest downside risk to the US economy over the next 12 months.'
The next key data point that could guide the pace of US interest rate cuts is due on Friday in the form of the October non-farm payroll report, where economists expect the US economy to have added 144,000 jobs.
